Special Assessment: Crunching the Numbers
Yes, it can be daunting to buy into a community that's about to undergo a major facelift (see Exterior Upgrades).
The upside? Your investment in your new home will quickly go up by a significant amount.
Instead of waiting 5 or 10 years for your property to appreciate by $40,000, you'll have that kind
of return within two years or so.
Over the two-year period from fall 2012 to 2014, each owner will contribute $43,000 to the
planned $3-million renovation project (the condo corporation also contributes, from the reserve fund).
All that money goes directly into boosting the look, durability and value of the exterior common elements.
By 2014, the value of your new home should be around $393,000 ($350,000 + $43,000).
That means your house will be worth way more than you paid for it, even after the assessment.
For more information or to book a viewing, contact the owner at (613) XXX-XXXX or XXXXXX.com.